cbdMD, Inc.

Good afternoon. Welcome to the CBDMD Incorporated fourth quarter and fiscal year-ended September 30, 2020 earnings call and update. This afternoon, the company issued a press release that provided an overview of its fourth quarter and fiscal year-end results, which followed the filing of its annual report on its Form 10-K. Today's conference call is being recorded and will be available online at CBDMD.com in accordance with CBDMD's retention policies. All participants on this call will be in a listen-only mode. The call will be followed by a question-and-answer session. At this time, I would like to now turn the call over to your host, Ronan Kennedy, the company's chief financial officer. Ronan, please go ahead.

Thank you, Catherine, and thank you for all for joining the CBDMD fourth quarter and fiscal year-end September 30, 2020 earnings call and update. On the call today, we also have our Chairman and Co-CEO, Marty Sumacrest, as well as our Chief Marketing Officer, Ken Cohn. Following the Safe Harbor Statement, Marty and Ken will provide an overview of our business, then I'll provide a summary of the quarterly and fiscal year-end financial results. Following that, we'll open up the call for questions. We'd like to remind everyone that various remarks about future expectations, plans, and prospects constitute forward-looking statements for purposes of Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. CBDMD cautions that these forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those indicated, including the risks described in the company's annual report on Form 10-K for the year ended September 30, 2020, and or other filings with the SEC, all of which can be reviewed on the company's website, cbdmd.com, or on the SEC's website at www.sec.gov. Any forward-looking statements made on this conference call speak only as of today's date, Tuesday, December 22, 2020, and CBDMD does not intend to update any of these forward-looking statements to reflect events or circumstances that would occur after today's date except as may be required by federal securities law. With that, I'd like to turn the call over to CBDMD's chairman and co-CEO, Marty Simacrest.

Ronan, thank you, and welcome to everyone who is joining us this afternoon. We believe CBDMD is now one of the most successful CBD companies in the world, and CBDMD and PawCBD have become two of the world's most recognizable and valuable CBD brands. CBDMD continues to attract international attention from customers and investors alike. Our brand's social media dominance has fueled our online business, which continues to drive our sales growth. In fact, based upon a November 2020 Google Analytics report, CBDMD.com ranks at the top as one of the most visited CBD websites in the world. As we look ahead into 2021, we believe our plan to expand our reach into new product categories will not only drive sales, but will also diversify and expand our customer demographics. As we continue to attract world-class partnerships, as we did with Bubba Watson, Bellator MMA, Lifetime Fitness, and Barstool Sports, our brands grow in status and recognition on the world stage. Here is another example of how our brands attract world-class partners. Today, I'm proud to announce that CBDMD has become the exclusive CBD partner of the Joe Rogan Experience podcast, which plays exclusively on Spotify and has over 200 million monthly downloads. We believe that these achievements help our brands dominate in the CBD industry and also help us deliver on our financial goals as well. Since taking the CBDMD brand public in December 2018, we have grown quarterly sales over 900% in eight quarters. We've done this by remaining focused on our core competency, which is our direct-to-consumer engine. Despite the COVID-19 pandemic, we continue to show remarkable growth throughout fiscal 2020. We have maintained one of the strongest balance sheets in the CBD industry and, in fact, recently more than doubled our liquidity, which now stands today at approximately $30 million in cash with virtually no debt. To put this in context, we built two brands and operated a U.S. listed company for two years with less cash than we have in the bank today. Furthermore, we dramatically reduced our non-gap adjusted loss from operations, from over 10 million in the first half of fiscal 2020 to approximately 1.3 million in the second half of fiscal 2020. Earlier this year, we set a goal of achieving positive adjusted operating income during calendar year 2020, a non-GAAP financial measure. We are presently confident that we will reach this milestone in early fiscal 2021. However, based upon marketing opportunities that may arise during the year, achieving this goal may be extended later into the fiscal year. We believe we are positioned to take advantage of a unique opportunity, which is to gain a meaningful amount of the $2 billion-plus total addressable global CBD market, a market which, according to several industry analytic firms, including leading analytics firm the Brightfield Group, is expected to grow to over $10 billion by 2025. We believe we are demonstrating our ability to gain significant market share by reporting quarter-over-quarter net sales growth of 23 percent and year-over-year net sales growth of 77 percent, both resulting in record quarterly and annual net sales of 11.7 million and 41.9 million, respectively, as of September 30, 2020. While we have not committed to any financial guidance, we do expect robust sales growth to continue into fiscal 2021. Finally, with respect to the regulatory climate for CBD, with continued attention on COVID-19 and the pending change in presidential administrations, we do not expect any FDA regulatory guidance for CBD in the near future. Therefore, we remain focused on maintaining the highest manufacturing standards under GMP and compliance with state regulations as states take the regulatory lead related to hemp-derived cannabinoids products. It is now my pleasure to introduce Ken Cohn, our Chief Marketing Officer, who will talk about our branding and marketing strategies. Ken, please go ahead.